General Mills shares fall after disappointing quarterly profit, sales

NEW YORK (MarketWatch) -- Shares of General Mills
GIS, -0.31%
fell 3.2% in premarket trade after the packaged food maker reported fiscal first-quarter profit and sales that fell more than expected. For the quarter ended Aug. 24, earnings came in at $345.2 million, or 55 cents a share, down from $459.3 million, or 70 cents a share. Excluding non-recurring items, adjusted per-share earnings were 61 cents, missing the FactSet consensus analyst estimate of 69 cents. The company, which brands include Cheerios, Yoplait and Pillsbury, said sales fell 2.4% from last year to $4.27 billion, amid weakness in its U.S. retail division, to fall below analyst expectations of $4.38 billion. "Our results were driven by sales and profit declines in the U.S., where industry trends were weak in the quarter," said Chief Executive Ken Powell. The company reiterated its full-year fiscal 2015 growth targets for sales and earnings. The stock has gained 6.6% so far this year, compared with an 8.1% advance for the S&P 500.

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